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Get your taxes done using TurboTax
Hello Meljane 20,
When you get a bonus the employer usually with holds 22% for federal taxes. Here is an article that explains the with holding in detail.
If you r effective tax rate is higher then 22% then you would need to put additional money aside to pay at the end of the year or send in an estimated payment.
https://turbotax.intuit.com/tax-tips/jobs-and-career/how-bonuses-are-taxed/L7UjtAZbh
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‎July 27, 2022
10:43 AM